Funds managed by Perpetual bought about 1.26 million units, or 1.17%, of Fonterra Shareholders' Fund for some $A7.32 million, taking its stake to almost 10%.
"The Aussies obviously see some synergies!"
Funds associated with Australia's biggest lender hold 7.4% of the units.
Fonterra sets an indicative price range for its $525 million investment fund.
"The yield seems low. I was expecting more than that. Will be interesting to read the prospectus."
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